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India's small malls are increasingly turning into ghost malls as consumers move towards online purchases and bigger shopping centres for a better experience, a consultancy report said on Tuesday.

Mall properties with a vacancy rate of more than 40 per cent have been termed ghost malls.

While there was a 238 per cent year-on-year increase in the Gross Leasable Area (GLA) of all shopping centres in prime Indian markets in 2023, the number of ghost malls rose to 64 from 57 in 2022, said real estate consultancy Knight Frank India.

Industry analysts said this reflected weak consumer demand and could lead to job losses and economic dislocation, particularly for small retailers and service providers.

Private consumption, accounting for 60 per cent of India's gross domestic product (GDP), has remained weak, rising 3.5 per cent year-on-year in the last quarter of 2023 while the economy grew 8.4 per cent.

"Many of the small shopping malls are on the verge of closure," said Gulam Zia, director of Knight Frank after the release of the "Think India Think Retail 2024" report based on a survey of 29 top cities.

There has been a sharp rise in low-performing retail assets with 13.3 million square feet of shopping space remaining vacant, resulting in the loss of 67 billion rupees ($802.5 million) of revenue for developers in 2023, the report said.

Unable to match the convenience and diversity of large shopping centres, many small mall owners are caught in a downward spiral of declining revenue, Zia said.

Among small shopping centres, with an average leasing area of 100,000 square feet, 132 are on the verge of turning into ghost malls - with the vacancy rate rising to 36.2 per cent in 2023 from 33.5 per cent in the previous year, the report said.

However, among bigger shopping malls, with an average leasing area of 500,000 square feet, the vacancy rate remained at 5 per cent, and at 15.5 per cent among middle-level shopping malls, it said.

In the top eight cities, including Delhi, Mumbai and Bengaluru, the total number of shopping malls declined to 263 in 2023, with eight new retail centres added but 16 shut down.

($1 = 83.4846 rupees)

&nbsp;

Mall properties with a vacancy rate of more than 40&nbsp;per cent&nbsp;have been termed ghost malls. Industry analysts said this reflected weak consumer demand and could lead to job losses and economic dislocation, particularly for small retailers and service providers.


As consumers consumers move to online purchases, India's small malls rapidly turning into ghost malls

India's fuel consumption rose by 6.1% year-on-year in April, data from the Petroleum Planning and Analysis Cell of the oil ministry showed on Tuesday.

<h2>WHY IT IS IMPORTANT</h2>

India is the world's third-biggest oil importer and consumer. The data is a proxy for the country's oil demand.

<h2>KEY QUOTE</h2>

"The rise in total fuel consumption in April can be attributed to the increased activity in the run up to elections across the country," said Prashant Vasisht, vice president and co-head, corporate ratings at ICRA.

"We expect Indian fuel demand to grow by 3%-4%, with the GDP set to grow. The bulk of the rise will be lead by petrol and diesel demand. Air travel in India also has shown good growth."

<h2>BY THE NUMBERS</h2>

Total consumption totalled 19.86 million metric tons (4.85 million barrels per day) in April, up from 18.71 million tons last year, data showed.

Demand was down 5.8% on a monthly basis from the 21.09 million metric tons consumed in March.

Sales of diesel, mainly used by trucks and commercially run passenger vehicles, rose by 1.4% year-on-year to 7.93 million tons in April.

Sales of gasoline in April rose 14% from the previous year to 3.28 million tons.

Demand for bitumen, used for making roads, fell by over 5% annually.

Cooking gas, or liquefied petroleum gas sales rose by nearly 10% to 2.36 million tons, while naphtha sales gained by 3.9% to about 1.16 million tons, compared with last April, the data showed.

Fuel oil use decreased by more than 16% year-on-year in April.

<h2>CONTEXT</h2>

Asia's third-largest economy is the fastest growing among major peers and its GDP is expected to expand 6.5% this fiscal year.

Growth in India's manufacturing sector slowed marginally in April but remained robust thanks to strong demand, prompting firms to ramp up purchases of raw materials at a near-record pace, a business survey showed last week.

India's fuel consumption rose by 6.1% year-on-year in April, data from the Petroleum Planning and Analysis Cell of the oil ministry showed on Tuesday.


Country's April fuel demand edges up 6.1% year-on-year

Asian Markets News: Shares made 15-month highs on Tuesday on renewed confidence of U.S. interest rate cuts, while traders waited on a policy meeting in Australia later in the day and had a close eye on a falling yen.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent in early trade. Hong Kong shares traded marginally lower, having ridden a wave of heavy buying from mainland investors to lift the Hang Seng index more than 14 per cent higher in a 10-day winning streak, its longest since 2018.

Japan's Nikkei gained 1.3 per cent and S&amp;P 500 futures were steady after the cash index logged a 1 per cent rise overnight. [.N]

The mood was underpinned by last week's softer-than-expected U.S. jobs data and remarks from Federal Reserve Chair Jerome Powell reiterating that the next move in rates will be lower.

"(Powell) said that he is confident policy is restrictive and that if progress on inflation stalled, the (Fed) would hold off on cutting, implying a high bar to hiking," said Goldman Sachs economist David Mericle.

He also said, in a note to clients, that the U.S. hiring rate and other measures of employment growth intentions were soft and the weakest part of labour market data.

Treasuries, which rallied on Friday's jobs figures, traded steady in New York overnight and 10-year yields held at 4.49 per cent in Tokyo on Tuesday. Interest rates markets price at least one U.S. rate cut this year, in November.

Demand will be tested at a $58 billion three-year note auction on Tuesday, which is followed by $42 billion in 10-year sales on Wednesday and $25 billion of 30-year sales on Thursday.

Expectations of falling rates weighed on the dollar, except against the yen as Japanese rates are not expected to move too far above zero this year, leaving a wide gap.

The dollar rose 0.6 per cent on the yen on Monday and a further 0.2 per cent to 154.17 yen on Tuesday, keeping markets on edge as to whether Japanese authorities may step in again. Traders estimate Japan spent almost $60 billion defending the yen last week.

RBA WATCH

The Reserve Bank of Australia (RBA) is widely expected to leave rates on hold at its policy meeting later on Tuesday, but focus will be on whether the tone or outlook shifts to explicitly include the possibility of hikes, following an inflation surprise.

The Australian dollar was steady at $0.6637 in morning trade. Swaps market pricing implies a near even chance of a rate hike later this year in Australia.

"Markets are expecting a more hawkish tone ... along with upgraded near term inflation forecasts, with some debate around whether the bank reinstates a tightening bias," said Westpac's head of foreign exchange strategy, Richard Franulovich.

Sterling, at $1.2564, and the euro at $1.0770, held small overnight gains against the dollar.

In commodity trade, oil was a tad firmer, with Brent crude futures up 0.3 per cent to $83.58 a barrel with a ceasefire deal in the Middle East proving elusive. Gold rose overnight and was steady at $2,325 an ounce on Tuesday.

Wheat, corn and soybean futures have surged to multi-month highs on worries about unfavourable weather in Russia - where it has been frosty and dry - and Brazil, where there are floods. [GRA/]

Iron ore futures have rallied on clues that China's Politburo is planning more support measures for the beleaguered property sector. Benchmark June iron ore on the Singapore Exchange has risen almost 25 per cent in a month. [IRONORE/]

German factory orders are the highlight of the European calendar on Tuesday. Disney reports earnings.

Australia's ANZ Bank posted a 7 per cent profit drop and shares fell 2.3 per cent, despite the announcement of a buyback.

Asian Markets News:&nbsp;Hong Kong shares traded marginally lower, having ridden a wave of heavy buying from mainland investors to lift the Hang Seng index more than 14% higher in a 10-day winning streak, its longest since 2018.


Asian Markets News: Shares rise on rate cut bets; RBA seen turning hawkish

US stock market: US stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year.

Expectations for rate cuts by the US central bank have been tempered as the year has progressed, as inflation has proven stickier, and some investors had begun to worry they might not materialize at all, sending markets lower in April.

However, data on Friday showed US job growth slowed more than expected in April, taking pressure off the US central bank to keep rates higher for longer. Coupled with earnings season in corporate America surprising to the upside, this has given investors renewed positive moment in recent sessions.

After the Fed last week signaled it was leaning towards eventual reductions in borrowing costs, but wanted to gain "greater confidence" that inflation will continue to fall before cutting rates, policymakers reiterated that message on Monday.

Richmond Fed President Thomas Barkin said the current interest rate level should cool the economy enough to return inflation to the central bank's 2 per cent target, with the strength of the job market giving officials time to wait.

Barkin, a voter this year on interest rate policy, added that inflation "data whiplash" supported the Fed's deliberative policy towards interest rates. 
Meanwhile, Federal Reserve Bank of New York President John Williams said while rate cuts would happen, monetary policy was currently in a very good place.

"The primary thing that the market is trying to reason its way through is inflation and the Federal Reserve," said Jason Pride, chief of investment strategy &amp; research at Glenmede. 
"A lot of the market's movements have been a reflection of the market really trying to figure out and fine tune the different perspectives on inflation and rates."

Traders are currently pricing in rate cuts worth 46 basis points from the Fed by the end of 2024, with the first cut expected in September or November, according to LSEG's rate probability app.

The Dow Jones Industrial Average (.DJI) rose 176.59 points, or 0.46 per cent, to 38,852.27, the S&amp;P 500 (.SPX) gained 52.95 points, or 1.03 per cent, to 5,180.74 and the Nasdaq Composite (.IXIC) gained 192.92 points, or 1.19 per cent, to 16,349.25.

The majority of S&amp;P 500 sectors ended in positive territory. The energy index (.SPNY) was among the leading gainers, rising in part due to US natural gas futures hitting their highest level in 14 weeks.

Chipmakers broadly gained on Monday, including Arm Holdings , which rose 5.2 per cent ahead of earnings later this week. Micron Technology (MU.O) increased 4.7 per cent after a report said Baird upgraded the stock, and Advanced Micro Devices (AMD.O) and Super Micro Computer (SMCI.O) gained 3.4 per cent and 6.1 per cent, respectively - recovering ground lost after disappointing earnings from the pair last week.

Paramount Global (PARA.O) advanced 3.1 per cent after the media company ended its exclusive negotiations with Skydance Media without a deal, allowing the special committee to entertain other offers from rival bidders.

Tyson Foods (TSN.N) fell 5.7 per cent after the meatpacker surpassed Wall Street expectations for second-quarter profit but warned that consumers were under pressure from persistent inflation.

Meanwhile, Spirit Airlines (SAVE.N) slumped 9.7 per cent, to a record closing low, after reporting a weak revenue outlook for the second quarter. The S&amp;P 500 posted 29 new 52-week highs and 2 new lows while the Nasdaq recorded 150 new highs and 54 new lows.

US stock market:&nbsp;US&nbsp;stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year.


US stock market: Wall Street closes higher for third session on rate cut optimism

The yen continued to drift lower against the dollar on Tuesday as gaping interest rate differentials weighed on the currency, despite fresh warnings from Japanese officials following two rounds of suspected dollar-selling intervention last week.

The Australian dollar hovered close to a two-month high versus its US counterpart with the Reserve Bank of Australia widely expected to keep rates steady later in the day, and traders on watch for a more hawkish stance from Governor Michele Bullock.

The US dollar gained 0.22 per cent to 154.235 yen in early Asian trading, adding to its 0.58 per cent rally from Monday.

On Friday, it sank as low as 151.86 yen for the first time since April 10, as softer-than-expected monthly US jobs data added to the losses following what Bank of Japan data suggested may have been a total of some 9 trillion yen ($58.37 billion) in official intervention.

Japan's Ministry of Finance has refrained from commenting on whether it was behind the dollar selling, but top currency diplomat Masato Kanda repeated on Tuesday that the government "will continue to take the same firm approach" to disorderly yen moves.

However, with a Federal Reserve rate cut likely to take some time and the BOJ taking a cautious approach to tightening following its first rate hike since 2007 in March, the gap between ultra-low Japanese long-term yields and their US counterparts is a vast 370 basis points.

"USD/JPY likely remains attractive to market participants because of the still wide US‑Japan interest rate differentials and healthy risk appetite," Carol Kong, a currency strategist at Commonwealth Bank of Australia, wrote in a client note.

"The risk is USD/JPY creeps back up and forces Japan's Ministry of Finance to intervene," but barring that, the dollar is likely to see a period of consolidation into the Bank of England policy decision on Thursday, she said.

The US dollar index - which measures the currency against six major peers, including the yen, sterling and euro - was little changed at 105.13, after dipping as low as 104.52 on Friday.

The euro was steady at $1.0765 and sterling was flat at $1.2565. 
The Aussie edged up 0.17 per cent to $0.6636, heading back towards the high of $0.6650 from Friday, a level last seen on March 8. 
All but one of the 37 economists surveyed in a Reuters poll expect the RBA to keep rates on hold, with the other predicting a quarter point rate hike, amid stubbornly high inflation. 
At the RBA's last meeting in mid-March, policymakers watered down their tightening bias, although Bullock declined to say whether policy has shifted to neutral, saying risks were "finely balanced", and pushed back immediate rate cuts.

"A different set of central bankers would have had the policy rate higher sooner on the same set of data," Taylor Nugent, a markets economist at National Australia Bank, wrote in a note.

"The RBA's stripes as a reluctant hiker have left the near-term risks from May to August to a hike rather than a cut, even at this late stage of the tightening phase."

The yen continued to drift lower against the dollar on Tuesday as gaping interest rate differentials weighed on the currency, despite fresh warnings from Japanese officials following two rounds of suspected dollar-selling intervention last week.


Yen eases despite intervention threat, Aussie steady before RBA

Brent crude oil price news: Oil prices ticked up early on Tuesday after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution. Brent crude futures were up 46 cents, or 0.55 per cent, at $83.79 per barrel at 0010 GMT, while US West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.59 per cent, to $78.94 a barrel.

Prices had edged upward on Monday, partially reversing the declines of last week in which both contracts posted their steepest weekly loss in three months, with the focus on weak US jobs data and the possible timing of a Federal Reserve interest rate cut.

Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from mediators, but Israel said the terms did not meet its demands and pressed ahead with strikes in Rafah while planning to continue negotiations on a deal.

Israeli forces struck Rafah on Gaza's southern edge from the air and ground and ordered residents to leave parts of the city, which has been a refuge for more than a million displaced Palestinians.

A lack of settlement between the parties in the now seven-month long conflict has supported prices, as investors worry that regional escalation of the war will disrupt Middle Eastern crude supplies.

Riyadh's move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June also supported prices, signalling expectations of strong demand this summer.

The world's top exporter hiked its flagship Arab Light crude oil price to Asia to $2.90 a barrel above the Oman/Dubai average in June, the highest since January and at the upper end of traders' expectations in a Reuters survey.

Brent crude oil price news:&nbsp;Oil prices ticked up early on Tuesday after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution.


Oil edges up after Israel strikes Gaza, while truce talks continue

Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention.

Trading was thinned in Asia with Japan out for a holiday, though markets in mainland China got off to an upbeat start after returning from an extended break.

MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;edged more than 0.5 per cent&nbsp;higher, while China's blue-chip index&nbsp;gained 1.4 per cent.

Chinese shares offshore posted strong gains last week while mainland markets were closed from Wednesday to Friday for the Labour Day holiday.

Hong Kong's Hang Seng Index rose 4.7 per cent last week and on Friday clocked its longest daily winning streak since 2018. It was last down 0.2 per cent.

The Nasdaq-listed Golden Dragon China Index jumped 5.5 per cent&nbsp;last week.

Similarly, in currency markets, the offshore yuan was last roughly 0.1 per cent&nbsp;lower at 7.2013 per dollar, after strengthening more than 1 per cent&nbsp;last week, in part due to a broadly weaker dollar.

The People's Bank of China on Monday also lifted its official yuan midpoint to the highest in three weeks, catching up with movements offshore. That sent the onshore yuan to its highest in over a month at 7.2009 per dollar.

The rebound in Chinese markets has come on the back of the country's Politburo meeting, where policymakers said they will step up support for the economy with prudent monetary and proactive fiscal policies.

"While the overall policy stance is in-line with those set at the National People's Congress in March, there is a more supportive policy tone on fiscal policy," said Louisa Fok, China equity strategist at Bank of Singapore.

"Looking ahead, policy implementation would be a key catalyst to watch in the coming months. In addition, earnings growth estimates revision momentum would be another key indicator to watch from a corporate fundamental perspective."

The broader market rally across Asia meanwhile got an additional boost from Friday's U.S. nonfarm payrolls report, which came in cooler than expected.

That reinforced bets that Fed rate cuts would likely come later this year, after Chair Jerome Powell also maintained the central bank's easing bias last week.

"(The) data point to a jobs market that is still tight, but not nearly as hot as it was a year or two ago," said economists at Wells Fargo. "This should support a further slowdown in inflation as the year progresses, even if improvement proceeds only gradually."

The dollar held broadly steady on Monday, leaving the euro away from a one-month high to last trade at $1.0766, while sterling similarly last bought $1.2551.

Trading of cash U.S. Treasuries was closed with the Japan holiday, though futures were little changed.

<h2>INTERVENTION WATCH</h2>

Elsewhere, traders also remained on alert for any further volatility in the yen, after last week's bouts of suspected intervention from Japanese authorities to stop a sharp slide in the currency.

Tokyo is suspected to have spent more than 9 trillion yen ($59 billion) to support its currency last week, as suggested by data from Bank of Japan, taking the yen from a 34-year low of 160.245 per dollar to a roughly one-month high of 151.86 over the span of a week.

The yen gave back some of those gains on Monday and was last 0.4 per cent&nbsp;lower at 153.62 per dollar.

Economic leaders of South Korea, Japan and China had on Friday said heightened foreign exchange market volatility was one of the risk factors that could affect regional growth prospects in the near term.

With little major U.S. economic data due this week, Saxo's head of FX strategy Charu Chanana said "any resulting yen strength could be more sustainable".

In commodities, Brent futures rose 0.3 per cent&nbsp;to $83.21 a barrel, while U.S. crude futures similarly edged 0.35 per cent&nbsp;higher to $78.39 per barrel.

Gold tacked on 0.2 per cent&nbsp;to $2,307.15 an ounce.

Catch the latest <a href="https://www.zeebiz.com/markets/stocks/live-updates-share-market-live-update-may-6-niffty50-sensex-gift-nifty-bank-stock-market-news-titan-tata-group-paytm-britannia-gold-rate-silver-price-mcx-rupee-vs-dollar-inr-usd-forex-currency-stocks-to-buy-288228">stock market</a> updates here. For all other news related to business, politics, tech and auto, visit <a href="https://www.zeebiz.com/">Zeebiz.com</a>.

&nbsp;

Trading was thinned in Asia with Japan out for a holiday, though markets in mainland China got off to an upbeat start after returning from an extended break.


Asia shares rally on Fed cut bets; yen pares gains

Digital payments firm Paytm, formally known as One97 Communications Ltd (OCL), said on Saturday its President and Chief Operating Officer Bhavesh Gupta will resign from the company by the end of this month.

Paytm said that Gupta's resignation was due to personal reasons and will be transitioning to an advisory role until the end of the year.

He was appointed as President and Chief Operating Officer of the company in May last year.

&nbsp;

Paytm said that Gupta's resignation was due to personal reasons and will be transitioning to an advisory role until the end of the year.


Paytm President, COO Bhavesh Gupta to resign 

Warren Buffett assured Berkshire Hathaway shareholders on Saturday that the executives expected to succeed him were ready for the job, and he heaped praise on Apple&nbsp;although Berkshire trimmed its position in the iPhone maker.

Speaking at Berkshire’s annual meeting, the legendary investor paid tribute to his late business partner Charlie Munger and said he expected the conglomerate’s cash pile, now a record $189 billion, to keep growing.

The meeting was the 60th for Buffett, who since 1965 transformed Berkshire from a failing textile company into an $862 billion colossus owning the BNSF railroad, Geico car insurance, Dairy Queen and dozens of other businesses.

Buffett, 93, told shareholders that Vice Chairmen Greg Abel and Ajit Jain have proven themselves the right people to lead Berkshire after he departs.

Abel, who was designated Buffett's successor as chief executive in 2021, and Jain have directly overseen Berkshire's operating subsidiaries since 2018.

"When you've got somebody like Greg and Ajit, why settle for me?" Buffett said. "It has worked out extremely well."

"I don't know quite how (Abel) does it, but we've got the right person, I can tell you that," he added.

Buffett said he would want Abel, 61, upon becoming chief executive, to have final say on capital allocation decisions regarding Berkshire's portfolio of public stocks.

Investors had long considered Todd Combs and Ted Weschler, who manage part of Berkshire's $335.9 billion equity portfolio, leading candidates to manage more or all of it.

The meeting, part of a weekend Buffett calls "Woodstock for Capitalists," was the first since Munger died in November at age 99. Buffett described Munger, his longtime his friend and foil, as the "architect of today's Berkshire."

Buffett gave no sign he plans to step aside, telling shareholders, "I feel fine," while joking he shouldn't take on four-year employment contracts.

<h2>DECREASING APPLE STAKE, GROWING CASH</h2>

Before the meeting, Berkshire announced first-quarter results, including a 39 per cent&nbsp;jump in operating profit to a record $11.2 billion.In a surprise, Berkshire reported it had sold about 13 per cent&nbsp;of its Apple shares, reducing the value of its stake to $135.4 billion from $174.3 billion. Apple's stock price fell 11 per cent&nbsp;in the quarter.

The sale was the main reason Berkshire's cash hoard soared. Buffett said cash might grow to $200 billion this quarter, reflecting the risks he sees from high stock market valuations and geopolitical conflicts.

Despite reducing the Apple stake, Buffett praised the company, saying it was "an even better business" than two of Berkshire's oldest and largest investments, American Express&nbsp;and Coca-Cola.

The iPhone was "one of the greatest products, and it may be the greatest product, of all time," Buffett said with Apple Chief Executive Tim Cook in the audience.

Berkshire invested in Apple in 2016, and the normally tech-phobic Buffett came to view it as a consumer goods company with strong pricing power and devoted customers.

While some investors have expressed concern that Apple comprised too much of Berkshire's equity portfolio, Buffett said Apple would remain his company's biggest stock investment, barring unforeseen events.

Abel, meanwhile, pledged to fight lawsuits seeking tens of billions of dollars from Berkshire's PacifiCorp utility unit over Oregon wildfires in 2020. He described it as a substantial challenge and said many claims were unfounded.

Shareholders reelected all 14 Berkshire directors and rejected six shareholder proposals, all of which Buffett opposed.

At the start of the meeting, shareholders watched a video tribute to Munger, including scenes of Omaha from 1924 when he was born, and clips of Buffett and Munger through the years.

Munger had been a fixture on stage with Buffett at the meetings, known for laconic and acerbic comebacks to Buffett's musings about Berkshire, the economy, Wall Street, and life.

Berkshire's stock is up 23 per cent&nbsp;over the last year. While that lags the Standard &amp; Poor's 500's&nbsp;25 per cent&nbsp;gain, Berkshire has risen 218 per cent&nbsp;over the last decade versus the S&amp;P's 172 per cent&nbsp;gain.

<h2>LINES FORMED HOURS BEFORE MEETING</h2>

Before the meeting, thousands lined up in raw, rainy weather to enter the arena, sometimes several hours in advance. When the doors opened at 7 a.m., many ran for the best seats.

The weekend also featured an exhibit hall for shareholders to buy goodies such as Berkshire T-shirts and Squishmallows toys at exhibits by Berkshire-owned companies.

Serena Lam, 32, an investment manager who traveled with 40 others from Hong Kong, said she arrived at 2:30 a.m.

"I want to see Warren Buffett," she said. "I want to get his perspective about Japanese stocks. I flew over 25 hours for this."

As usual, Buffett interspersed comments on Berkshire's portfolio with musings about wealth and life, including his own.

“I enjoy managing money for the people who trust me. I like the feeling of being trusted," he said. "If I'm lucky, I can go on for six or seven years, or it might end tomorrow."

Catch the latest <a href="https://www.zeebiz.com/markets/stocks/live-updates-share-market-today-news-live-nse-bank-nifty-bse-indian-index-nifty-50-sensex-rupee-dollar-gift-nifty-futures-287664">stock market</a> updates here. For all other news related to business, politics, tech and auto, visit <a href="https://www.zeebiz.com/">Zeebiz.com</a>.

Speaking at Berkshire’s annual meeting, the legendary investor paid tribute to his late business partner Charlie Munger and said he expected the conglomerate’s cash pile, now a record $189 billion, to keep growing.


Warren Buffett lauds Apple despite trimming stake, says Berkshire is in good hands

Elon Musk's carmaker Tesla has sued an Indian battery maker for infringing its trademark by using the brand name "Tesla Power" to promote its products, seeking damages and a permanent injunction against the company from a New Delhi judge.

Tesla in a hearing at the Delhi High Court this week said the Indian company had continued advertising its products with the "Tesla Power" brand despite a cease-and-desist notice sent in April 2022, according to details of the proceedings posted on the court website on Friday.

During the hearing, the Indian company, Tesla Power India Pvt Ltd, argued its main business is to make "lead acid batteries" and it has no intention of making electric vehicles.

The judge allowed the Indian firm three weeks to submit written responses after it handed over a set of documents in support of its defence, the court record shows.

Musk's Tesla is incorporated in Delaware, and it has accused the Indian company of using trade names "Tesla Power" and "Tesla Power USA".&nbsp;

The court record included screenshots of a website that showed that Tesla Power USA LLC was also headquartered in Delaware and had been "acknowledged for being a pioneer and leader in introducing affordable batteries" with "a very strong presence in India".

A Tesla Power representative told Reuters it has been present in India much before Musk's Tesla and had all government approvals. “We have never claimed to be related to Elon Musk's Tesla,” Tesla Power's Manoj Pahwa said.

Tesla told the judge it discovered the Indian company was using its brand name in 2022 and has unsuccessfully tried stop it from doing so, forcing it to file the lawsuit.

The case comes after Musk cancelled his planned visit to India on April 21 to meet Prime Minister Narendra Modi.

Days later, Musk made a surprise visit to China and made progress towards rolling out its advanced driver assistance package, a move that many Indian commentators called a snub.

The Tesla India trademark case will next be heard on May 22.

Elon Musk's carmaker Tesla has sued an Indian battery maker for infringing its trademark by using the brand name "Tesla Power" to promote its products, seeking damages and a permanent injunction against the company from a New Delhi judge.


Tesla vs Tesla: US carmaker sues Indian namesake for copying trademark

Biscuit maker Britannia Industries, beat estimates for fourth-quarter profit on Friday, aided by resilient demand from urban consumers.

Consumer goods makers have seen steady demand for certain food items such as chocolates and biscuits, especially in urban areas, while prices of key raw materials including wheat, milk and sugar have eased, helping their bottom line.

Britannia, which sells Jim Jam and NutriChoice biscuits, reported a consolidated net profit of 5.38 billion rupees ($64.5 million) for the three months ended March 31, compared with analysts' average estimate of 5.37 billion rupees, according to data from LSEG.

The profit, however, fell from 5.59 billion rupees a year earlier, as revenue grew only 1% to 40.69 billion rupees in the reported quarter.

Rival Hindustan Unilever, missed quarterly earnings estimates, but said a recovery in demand in rural areas was underway. Nestle India, on the other hand, reported a bigger-than-expected rise in profit, owing to higher product prices and demand.

Consumer goods makers have seen steady demand for certain food items such as chocolates and biscuits, especially in urban areas, while prices of key raw materials including wheat, milk and sugar have eased, helping their bottom line.


Britannia Q4 results: Net profit drops 3% to Rs 538 crore, revenue up 3%

Asian Markets News: Stocks rallied on Friday after Apple's record $110 billion share buyback plan lifted the tech sector, while the yen put more distance from recent 34-year lows to cap a tumultuous week that saw suspected interventions from Tokyo.

With markets in Japan and mainland China closed on Friday, regional trading activity is likely to be subdued as traders look ahead to the US nonfarm payrolls data later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5 per cent and was set for a second straight week of gains. Hong Kong's Hang Seng Index spiked 2 per cent higher, on course for a 5 per cent gain for the week.

The yen strengthened 0.55 per cent to 152.80 per dollar in early trading on Friday, having started the week by touching a 34-year low of 160.245 per dollar on Monday. [FRX/]

In between, traders suspect the authorities stepped in on at least two days this week and data from the BOJ suggests Japanese officials may have spent roughly $60 billion to defend the beleaguered yen, leaving trading desks across the globe on high alert foe further moves by Tokyo.

A series of Japanese public holidays as well as Monday's holiday in the UK - the world's biggest FX trading centre - could present a possible window for further intervention by Tokyo. Japanese markets are also closed on Monday.

The yen has weakened for over a decade, largely due to low Japanese interest rates drawing funds out of the country towards higher yielding assets in other large economies including the United States. Despite the sizable bounce in the yen this week, it is still down 8 per cent against the dollar this year.

While there has been two bouts of suspected MOF interventions, another $20 billion of yen buying on Friday would really scare off the yen shorts and get dollar/yen below 150, Chris Weston, head of research at Pepperstone, said in a note.

"Good things come in three’s, and while another bout of intervention seems unlikely, the MOF/BOJ could turn momentum trader and shake things up one last time ahead of nonfarm payrolls."&nbsp;

The dollar index, which measures the US currency against six peers, was last at 105.25. The index is set to clock a 0.7 per cent decline for the week, its worst weekly performance since early March.

The Federal Reserve this week left rates unchanged and signalled that its next policy move will be to lower its rates, though chair Jerome Powell noted that recent strong inflation readings have suggested that the first of these cuts could be a long time in coming.

"The Federal Reserve has clearly had its confidence shaken by the recent string of disappointing inflation releases," said Susan Hill, senior portfolio manager at Federated Hermes.

While the bar for moving back to a tightening bias is quite high, it seems likely that the current 5.25 per cent-5.50 per cent Fed Funds target range will be unchanged for the next several months, Hill said.

US stocks ended higher on Thursday, with tech heavy Nasdaq advancing 1.5 per cent buoyed by chip stocks. [.N]

In after-market hours Apple reported quarterly results and forecast that beat modest expectations and unveiled a record share buyback program, sending its stock up almost 7 per cent in extended trade.

US economic data on Thursday also showed the labour market remains tight, ahead of key government payrolls data due later on Friday. Economists polled by Reuters forecast 243,000 jobs, with estimates ranging from 150,000 to 280,000.

In commodities, US crude rose 0.39 per cent to $79.26 per barrel and Brent was at $83.98, up 0.37 per cent on the day. [O/R]

Spot gold was last $2,304.16 an ounce and were set for second straight weekly decline.

Asian Markets News:&nbsp;MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% and was set for a second straight week of gains.


Asian Markets News: Stocks surge on tech boost; yen extends gains to cap wild week

A gauge of global stocks climbed on Thursday after the Federal Reserve indicated it was leaning toward a dovish stance, while the dollar retreated against the yen after another suspected round of intervention by the Bank of Japan.

On Wall Street, US stocks closed with solid gains, after Fed Chair Jerome Powell said that while recent inflation readings mean it will likely take longer than expected for central bank officials to become comfortable that inflation will resume its decline, interest rate increases also remained unlikely.

Markets have consistently scaled back the timing and amount of rate cuts this year from the Fed as inflation has proved to be sticky and the labor market remains on solid footing. After expecting the first cut to come by March at the start of the year, markets now see a better than 60 per cent chance the Fed will cut by at least 25 basis points in September, according to CME's FedWatch Tool.

The US central bank also said it would slow the speed of its balance sheet drawdown starting on June 1 to ensure this process does not create undue stress in financial markets.

US economic data also showed the labor market remains tight, ahead of key government payrolls data due on Friday, while other data indicated worker productivity was subdued in the first quarter.

"He is not intending to put a hike back on the table and the market has already kind of absorbed the idea that it's going to be higher for longer, the key is how much higher for longer and that's tomorrow's report," said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle.

"Jobless claims at 208,000 today help affirm that, but the labor market report tomorrow will be the big one and affirm the Fed's view of how strong is strong."

Tech shares and consumer discretionary led sector gains, closing up roughly 1.6 per cent, as Qualcomm surged about 10 per cent following its quarterly results while Amazon advanced 3.2 per cent.

After the close, Apple reported a smaller than expected decline in quarterly revenue, and Chief Executive Tim Cook told Reuters the company expects a return to sales growth in the current quarter.

Of the 373 companies in the S&amp;P 500 that reported earnings through Thursday morning, 77.2 per cent have topped analyst expectations, according to LSEG data, above the 67 per cent beat rate since 1994 but slightly below the 79 per cent over the past four quarters.

The Dow Jones Industrial Average rose 322.37 points, or 0.85 per cent, to 38,225.66; the S&amp;P 500 gained 45.81 points, or 0.91 per cent, to 5,064.20; and the Nasdaq Composite gained 235.48 points, or 1.51 per cent, to 15,840.96.

MSCI's gauge of stocks across the globe rose 7.17 points, or 0.95 per cent, to 761.44, on pace for its biggest daily percentage gain since April 23, while Europe's broad FTSEurofirst 300 index closed down 4.50 points, or 0.23 per cent.

Shares in Europe ended slightly lower after touching a one-week low earlier in the session, as investors returned from a midweek holiday and digested the Fed's announcement and a host of earnings reports.

The Japanese yen also remained in focus, as another round of intervention in the currency was suspected shortly after Powell had finished speaking, the second such event this week.

Against the Japanese yen, the dollar weakened 0.78 per cent to 153.26. after falling as low as 153.07 on the session.

The dollar index, which measures the greenback against a basket of six major currencies, fell 0.35 per cent to 105.34, with the euro up 0.15 per cent at $1.0725. Sterling strengthened 0.06 per cent to $1.2534.

US Treasury yields were choppy in the wake of the Fed and economic data, as the yield on benchmark US 10-year notes fell 0.8 basis point to 4.583 per cent, from 4.591 per cent late on Wednesday. The 2-year note yield, which typically moves in step with interest rate expectations, fell 5.2 basis points to 4.8872 per cent, from 4.939 per cent.

Oil prices were little changed after a slump to a seven-week low, losing some ground after the US labor market data. US crude settled down 0.06 per cent at $78.95 a barrel and Brent settled at $83.67 per barrel, up 0.28 per cent on the day.

Markets have consistently scaled back the timing and amount of rate cuts this year from the Fed as inflation has proved to be sticky and the labor market remains on solid footing.


Stocks jump after Fed, US data; yen strengthens

Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on US economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war.

Brent crude futures for July rose 16 cents to $83.83 a barrel by 0008 GMT. US West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel.

Still, both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the US, the top global oil consumer, while the war in the Middle East showed little sign of disrupting global oil supplies.

Brent headed for a 6.3% weekly decline, while and WTI moved towards a loss of 5.6% on the week.

The drop comes just weeks ahead of the next meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+.

Three sources from OPEC+ producers said the group could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand fails to pick up, but the group has yet to begin formal talks ahead of the June 1 meeting.

The market is now looking towards US economic data and indicators of future crude supply from the world's top producer.

On Friday, the US Bureau of Labor Statistics releases its monthly nonfarm payroll report, which is a measure of the strength of the country's job market and is considered by the Federal Reserve when setting interest rates. Higher rates typically weigh on the economy and that can reduce oil demand.

Also on Friday, energy services firm Baker Hughes is due to release its weekly count of oil and gas rigs, an indicator of future crude output.

Brent crude futures for July rose 16 cents to $83.83 a barrel by 0008 GMT.


Oil steadies, heads for weekly drop on US economy worries

Fed meeting news, Fed rate decision news: The US Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.

Indeed, Fed Chair Jerome Powell said that after starting 2024 with three months of faster-than-expected price increases, it "will take longer than previously expected" for policymakers to become comfortable that inflation will resume the decline towards 2 per cent that had cheered them through much of last year.

That steady progress has stalled for now, and while Powell said rate increases remained unlikely, he set the stage for a potentially extended hold of the benchmark policy rate in the 5.25 per cent-5.50 per cent range that has been in place since July.

US central bankers still believe the current policy rate is putting enough pressure on economic activity to bring inflation under control, Powell said, and they would be content to wait as long as needed for that to become apparent - even if inflation is simply "moving sideways" in the meantime.

The Fed's preferred inflation measure - the personal consumption expenditures price index - increased at a 2.7 per cent annual rate in March, an acceleration from the prior month. 
"Inflation is still too high," Powell said in a press conference after the end of the Federal Open Market Committee's two-day policy meeting. "Further progress in bringing it down is not assured and the path forward is uncertain."

Powell said his forecast remained for inflation to fall over the course of the year, but that "my confidence in that is lower than it was." Whether there are rate cuts this year or not remains in doubt.

"If we did have a path where inflation proves more persistent than expected, and where the labor market remains strong but inflation is moving sideways and we're not gaining greater confidence, well, that would be a case in which it could be appropriate to hold off on rate cuts," Powell said. "There are paths to not cutting and there are paths to cutting. It's really going to depend on the data."

Despite the uncertainty of the current economic moment, Powell's characterization of rate hikes as "unlikely" cheered investors concerned about a newly hawkish Fed chief. US stock and bond prices turned higher as Powell preached patience that may delay rate cuts, but also means a high bar for any more hikes. The Fed raised its benchmark policy rate by 5.25 percentage points in 2022 and 2023 to curb a surge in inflation.

Powell's remarks on Wednesday were "notably less hawkish than many feared," said analysts at Evercore ISI. "The basic message was that cuts have been delayed, not derailed." 
Investors in contracts tied to the Fed's policy rate increased bets that rate cuts could begin in September rather than later in the year as reflected in earlier market pricing.

BALANCE SHEET

The Fed's latest policy statement kept key elements of its economic assessment and policy guidance intact, noting that "inflation has eased" over the past year, and framing its discussion of interest rates around the conditions under which borrowing costs can be lowered.

"The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2 per cent," the Fed repeated in its unanimously-approved statement.

That continues to leave the timing of any rate cut in doubt, and Fed officials made emphatic their concern that the first months of 2024 have done little to help the cause. 
"In recent months, there has been a lack of further progress towards the Committee's 2 per cent inflation objective," the Fed said in its statement.

The US central bank also announced it will scale back the pace at which it is shrinking its balance sheet starting on June 1, allowing only $25 billion in Treasury bonds to run off each month versus the current $60 billion. Mortgage-backed securities will continue to run off by up to $35 billion monthly.

The step is meant to ensure the financial system does not run short of reserves, as happened in 2019 during the Fed's last round of "quantitative tightening." While the move could loosen financial conditions at the margin at a time when the US central bank is trying to keep pressure on the economy, policymakers insist their balance sheet and interest rate tools serve different ends.

The Fed maintained its overall assessment of economic growth, saying that the economy "continued to expand at a solid pace. Job gains have remained strong and the unemployment rate has remained low."

Powell reconciled that with the relatively weak, 1.6 per cent growth of gross domestic product in the first quarter by saying that the 3.1 per cent increase in private domestic demand was a better gauge of where the economy stands, with output buttressed by a recent jump in immigration.

Asked about the risk the US was entering a period of "stagflation" with stagnant growth and rising prices, Powell said current conditions are nothing like those seen in the late 1970s when prices were rising more than 10 per cent annually at one point alongside high unemployment. "Right now we have ... pretty solid growth ... We have inflation running under 3 per cent," Powell said. "I don't see the 'stag' and I don't see the 'flation.'"

Fed meeting news, Fed rate decision news:&nbsp;The&nbsp;US&nbsp;Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.


Reuters